- TPG to buy Peppertree Capital in deal worth up to $960M
- Acquisition enhances TPG’s scale in towers, fibre, and digital infrastructure
What happened: TPG strikes $960M Peppertree deal
TPG has agreed to acquire Ohio-based Peppertree Capital Management in a transaction valued at up to $960M, comprising $660M in cash and equity alongside potential earnouts of $300M tied to performance targets. The deal is aimed at strengthening TPG’s growing digital infrastructure platform and expanding its reach in wireless communications towers.
Founded in 2004, Peppertree manages $7.7B and has invested in more than 10,000 communications infrastructure assets, spanning towers, fibre networks, small cells, rooftop rights and spectrum licences. The firm has positioned itself as a leading capital partner to tower developers across the United States and other complementary sectors.
Upon closing—expected in the third quarter of 2025 pending regulatory approvals—Peppertree will become part of TPG’s platform but continue to operate independently. Co-Presidents Howard Mandel and Ryan Lepene will remain in leadership roles, maintaining the firm’s existing investment strategy with the backing of TPG’s global network and capital resources.
Also read: TPG telecom sends first satellite text via Vodafone network
Also read: Vocus cleared to acquire TPG’s fibre network assets
Why it is important
The acquisition deepens TPG’s exposure to the fast-growing digital infrastructure sector, an area seeing heightened investor interest driven by rising demand for mobile data, 5G rollout and cloud services. By combining forces, the firms will manage $253.6B in assets, positioning TPG among the top players in communications infrastructure investment.
TPG expects the transaction to be immediately accretive to its fee-related earnings and after-tax distributable earnings per share, according to the company’s statement. This financial uplift could bolster TPG’s long-term strategy of expanding its alternatives platform into specialised sectors with durable cash flows.
Jon Winkelried, TPG’s CEO, described Peppertree as a “natural fit” due to its deep industry expertise and strong portfolio. The integration comes at a time when private capital firms are increasingly targeting infrastructure assets that underpin digital connectivity, following similar moves by rivals such as DigitalBridge and EQT.
